New Mexico Gov. Now Expected To Sign Film Tax Credit Increase In Revised Bills

UPDATE 3:30 PM SATURDAY: After Gov. Susana Martinez vetoed the measure on Friday, the state House and Senate repackaged the film and TV tax credit as part of broader legislation to provide tax cuts and other incentives for more types of business. The production tax credit will rise to 30% from 25% for a qualifying TV show producing at least six episodes in New Mexico. The extra 5% will also be available to film and TV projects that use a film studio inside the state for an extended time using some resident crew. Incentives remain capped at $50 million a year, but the revised legislation allows unused credits/subsidies of up to $10 million to be carried over to the following year — offering up to $60 million annually in some instances. The Legislature has adjourned but the governor has indicated she’s prepared to sign the bill.

PREVIOUSLY, 7:25 PM FRIDAY: Gov. Susana Martinez opposed the so-called “Breaking Bad bill” that would have raised the state’s film tax credit to 30% from 25% for TV series shooting at least six episodes in New Mexico, AP reported. Martinez told the Legislature she supports the film industry but objected to a subsidy just for Hollywood rather than making it part of an overall package of economic incentives she’s backing. With New Mexico-filmed Breaking Bad in its final season and In Plain Sight already wrapped, backers of the incentive are worried about attracting new productions. The bill’s sponsor House Majority Whip Antonio “Moe” Maestas, D-Bernalillo, said he still hoped to pass some form of the incentive before lawmakers adjourn Saturday.

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